Post-Stabilisation Notice Regarding Pershing Square Holdings, Ltd.

Regulatory News:

AMSTERDAM–(BUSINESS WIRE)–Deutsche Bank AG, London Branch, acting in its capacity of stabilising manager (the “Stabilising Manager”), hereby gives notice in accordance with article 9.3 of Commission Regulation 2273/2003 of 22 December 2003 that it carried out stabilisation trades in relation to ordinary shares in the capital of Pershing Square Holdings, Ltd. (“PSH”) that started trading on the regulated market operated by Euronext Amsterdam N.V. on 13 October 2014 (ISIN No: GG00BPFJTF46 and Symbol: PSH). The stabilisation period started on 13 October and ended on 10 November 2014.

The over-allotment option of up to 10,909,091 shares, granted by PSH to the Stabilising Manager, was exercised on 10 November 2014 in the amount of 784,286 shares.

The stabilisation transactions were carried out on the following dates within the respective price ranges stated.

Date of stabilisation trades       Lowest Price       Highest Price
13 October 2014       22.00       24.70
14 October 2014       21.75       22.00
15 October 2014       21.80       22.55
16 October 2014       21.00       21.80


This announcement is for information purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefor. The distribution of this announcement and other information in connection with the listing of the shares in Pershing Square Holdings, Ltd on the regulated market operated by Euronext Amsterdam N.V. in certain jurisdictions may be restricted by law and persons into whose possession this announcement or any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Neither this announcement, nor any copy of it may be taken, transmitted or distributed, directly or indirectly, into any jurisdictions where to do so would constitute a violation of the relevant laws of such jurisdiction. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under the applicable securities laws of Australia, Canada, Japan, New Zealand or South Africa.

This announcement does not constitute an offer for sale of, or a solicitation of an offer to purchase or subscribe for, any securities in the United States. The securities of referred to herein may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.